Introduction to Corporate Credit

This course gives participants an understanding of the credit market for large corporate borrowers in debt capital markets. It explores the relative return of different types of assets, and for different issuers within the same asset class. It explains the reasons for this difference, and how trading strategies can be structured to take advantage of this. It looks at the different credit rating agencies and their respective approach to credit ratings. Finally it looks at the past performance of investments compared to their credit rating, and what happens in the event of a default.

Suitability

For individuals with a working knowledge of bond markets

Learning Outcomes

At the end of this course delegates should understand
– The products and dynamics of the corporate credit market
– The methodology of credit ratings and key credit rating agencies
– What happens in the event of a credit default

Course Content

Basics of the Credit Market
– Corporate bonds
– Credit spreads
– Corporate bond yields by rating
– High yield bonds
– Types of Credit Spread

Trading Credit
– Credit risk premium over the long term
– Credit market drivers
– Credit strategies

Exercises: Building a credit portfolio

Credit Rating Agencies
– Ratings and outlooks
– S&P vs. Moody’s vs. Fitch
– Credit rating scales

Credit Rating Methodology
– Sovereign & corporate rating methodology
– Issue-specific vs. issuer credit ratings
– Ratio driven ratings

Credit Defaults
– Credit ratings mapped to historical defaults
– Corporate default rate statistics

Exercises: Credit quiz

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We are focused on mining the embedded organisational intellectual capital for the benefit of the next generation. We create and curate best in class practice gathered from our experience with the leading financial institutions. We design our programmes with the end in mind – what results are you trying to achieve with this intervention? What metrics will we set ourselves to achieve that?

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